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U.S. equities fell on Thursday following a record-setting session the day before
The Dow Jones Industrials index dropped 24.06 points from Wednesday’s all-time record to 23,133.54. Tech giant Apple saw its stock decline 2.7%, amid speculation of poor demand and cuts in production of iPhone 8. The stock was on track to post its biggest one-day decline since Aug. 10.
The S&P 500 let go of 4.47 points to 2,556.82, with information technology and consumer staples leading decliners. United Continental shares were the biggest decliners in the index, falling more than 11%.
The NASDAQ faltered 42.28 points to 6,581.94. Facebook, Google-parent Alphabet, Netflix and Amazon all fell about 1%.
Wall Street also continued to digest corporate earnings reports.
EBay reported better-than-expected quarterly revenue along with earnings per share that met expectations. However, the company reported mixed guidance for the fourth quarter, sending the stock down 1.8%.
Insurance giant Travelers posted quarterly earnings per share that easily beat Wall Street expectations. Philip Morris also reported quarterly earnings, but fell short of expectations; its stock dropped 3.7%.
This earnings season is off to a good start, with 73% of companies reporting better-than-expected quarterly earnings and revenue
The move lower on equities took place exactly 30 years after "Black Monday," the worst day in U.S. stock-market history. On that day, the S&P 500 plunged 20.5% and the Dow dropped 22.6%.
Prices for the benchmark 10-year Treasury note revived, lowering yields to 2.31% from Wednesday’s 2.34%. Treasury prices and yields move in opposite directions.
Oil prices skidded 71 cents a barrel to $51.33 U.S.
Gold prices regained $6.60 an ounce to $1,289.60 U.S.
